BlogBloghttp://www.petroleumconnection.com/Thu, 24 May 2018 18:20:45 GMThttp://backend.userland.com/rssRSS.NET: http://www.rssdotnet.com/Soliciting Input on the Agenda for the Frac Sand Supply and Logistics Conference<p>We are only 5 months from the biggest frac sand events of 2018! Normally, when we are five months from a conference we are planning, we have a pretty good
outline of the agenda, topics, and most of the speakers. With the rapid changes and development in the frac sand industry in 2018, we have intentionally
held off on working on the agenda. We don’t want to confirm topics only to have the issues outdated a few months later. We want to make sure out speakers
and topics cover the latest and greatest in industry challenges and opportunities.</p>
<p>As we get started working on the agenda we wanted to solicit feedback on what topics our readers would most like to see covered on the agenda (on panels,
presentations, and in our Roundtable Discussions). Please shoot me a note (<a href="mailto:pcook@petroleumconnection.com">pcook@petroleumconnection.com</a>)
with any suggestions for topics or speakers.</p>
<p>Many companies want to get on the agenda, and we are forced to turn away far more speakers than we can accept. With that in said, here are things to keep
in mind when proposing a speaker or topic:</p>
<ul>
<li>Nobody wants to have to sit through a sales pitch that is supposed to be an educational presentation, so please do not propose to speak about how your
company’s innovation and/or service will change the industry. If you have a service or product to promote, please join us as a sponsor. Gold, Golf,
and Platinum Sponsors are given the option to moderate a Roundtable Discussion on their topic of expertise, which might be a good way for you to
get in front of your target audience.<br /><br /></li>
<li>The trend in conferences is to have fewer individual speakers doing presentations with slides. Instead, it has been found that interactive panel discussions
and smaller discussion groups (like our Roundtable Discussions) tend to keep attendees much more engaged and they come away with more ideas. Having
stand-alone speakers for the opening remarks and forecasts is good, to lay out the facts and the trends, but we’re hoping for more panel discussions.<br /><br /></li>
<li>We want topics which will be of interest to a large cross section of the audience (not exclusively of interest to mine operators, or only to E&amp;P’s,
for example).<br /><br /></li>
<li>Please suggest speakers whom you have heard at other events and who you think were excellent. Those types of recommendations carry a lot of weight.<br /><br /></li>
<li>If you are putting yourself or a colleague forward as a suggested speakers or panelist, please bear in mind that we are going to try to do a better
job of avoiding a lot of “speaker overlap” with other frac sand events. Too much overlap can give the impression to attendees that “all frac sand
conferences are the same”. To emphasize that all frac sand events are not equal, we are going to make an effort to avoid duplication of speakers
from competitor events. As the biggest (and, we hope, the best!) frac sand conference, we are going to work to attract the very best speakers from
across the industry.</li>
</ul>
<p>Again, send your recommendations for speakers &amp; topics to me at&nbsp;<a href="mailto:pcook@petroleumconnection.com">pcook@petroleumconnection.com</a>.</p>
<p>The innovation in this industry is very exciting to watch. We are really looking forward to talking about all these issues, as well as emerging international
opportunities, at the 7<sup>th</sup>Annual Frac Sand Supply &amp; Logistics Conference in October! With 5+ months to go before the event, counting
sponsor representatives we already have well over 200 people signed up! Don’t wait too long to register as Early Bird registration as it is only available
to the first 150 registrants. Learn more and register at&nbsp;<a href="http://www.petroleumconnection.com/">http://www.petroleumconnection.com/</a> </p>
<p>I look forward to hearing from you!</p>
<p>Thanks,<br />Pete Cook</p>
<br />http://www.petroleumconnection.com/RSSRetrieve.aspx?ID=20839&A=Link&ObjectID=1021974&ObjectType=56&O=http%253a%252f%252fwww.petroleumconnection.com%252fblog%252fsoliciting-input-on-the-agenda-for-the-frac-sand-supply-logistics-conferencehttp://www.petroleumconnection.com/blog/soliciting-input-on-the-agenda-for-the-frac-sand-supply-logistics-conferenceTue, 22 May 2018 20:56:00 GMTFrac Sand Wash Plant for Sale <p>A frac sand wash plant located in the upper Midwest is available for sale. The operating wash plant is offered for sale with a processing agreement
in place to receive royalties on all sands sold out of the property, or the assets could be relocated for use elsewhere.</p>
<p>The maximum operating capacity is 2+ tons annually (250 tons/hour on raw feedstock). The plant was manufactured in 2014 and, due to market conditions,
did not operate in 2015 or 2016, so the equipment is in like-new condition (processed 240,000 tons in 2017).</p>
<p>If you are potentially interested, please contact <strong>Pete Cook</strong> (<a href="mailto:pcook@petroleumconnection.com">pcook@petroleumconnection.com</a>)
for an introduction to the seller’s representative and to view additional details (lease agreement, price letter, maintenance agreement, historical
operations and revenue, asset inventory list, etc.).</p>
<br />
<hr>
<br />
<p class="small"><em>The Petroleum Connection has no ownership or involvement with this plant. Our role is purely to provide an introduction to potential buyers with the
seller’s representative.</em></p>
http://www.petroleumconnection.com/RSSRetrieve.aspx?ID=20839&A=Link&ObjectID=1021555&ObjectType=56&O=http%253a%252f%252fwww.petroleumconnection.com%252fblog%252ffrac-sand-wash-plant-for-salehttp://www.petroleumconnection.com/blog/frac-sand-wash-plant-for-saleTue, 15 May 2018 18:45:00 GMTPlatinum &amp; Golf Sponsorships Sold Out for the 7th Annual Frac Sand Supply &amp; Logistics Conference<p>The Petroleum Connection is pleased to announce that Platinum &amp; Golf sponsorship opportunities are sold out for the&nbsp;<a href="http://www.petroleumconnection.com/conferences/sand2018">7<sup>th</sup>Annual Frac Sand Supply &amp; Logistics Conference</a>.
Platinum Sponsors include CST Industries (who are returning as Platinum Sponsors from last year), long-time sponsors OmniTRAX, and new sponsor Equify.</p>
<p>“We are thrilled to have three such high caliber companies as the lead sponsors for our event,” said Pete Cook, President of The Petroleum Connection.
“Their strong support of the event is a testament to the quality of the attendee we have so fortunate to attract to the conference, as well as being
a testament to the growth and opportunities which continue to emerge across the frac sand supply chain.”</p>
<p>Golf Sponsor opportunities have also sold out. Cook also comments “Thanks to our Golf Sponsors: Black Mountain Sand, RBT, VISTA Proppant &amp; Logistics,
C3 Solutions, and PropX, participants in our friendly golf outing will receive some great golf items&hellip;hats, golf towels, sleeves of balls, a
divot tool, and a nice water bottle&hellip;in addition to the standard items included with the golf registration. It should make for a great day on
a beautiful course.”</p>
<p>Gold and Silver Sponsorships are still available, though in limited quantities. Companies interested in sponsoring should visit&nbsp;<a href="http://www.petroleumconnection.com/events/sand2018/sponsorships">http://www.petroleumconnection.com/events/sand2018/sponsorships</a>to
learn more and sign up. The conference will be held October 25 &amp; 26, 2018 at the JW Marriott Hill Country Resort in San Antonio. It will be preceded
by the <a href="http://www.petroleumconnection.com/conferences/fracsandexpo2018">2<sup>nd</sup>Annual Frac Sand Equipment Expo</a>on October 23 &amp;
24, as well as the Golf Outing on October 24.</p>http://www.petroleumconnection.com/RSSRetrieve.aspx?ID=20839&A=Link&ObjectID=1020913&ObjectType=56&O=http%253a%252f%252fwww.petroleumconnection.com%252fblog%252fplatinum-golf-sponsorships-sold-out-for-the-7th-annual-frac-sand-supply-logistics-conferencehttp://www.petroleumconnection.com/blog/platinum-golf-sponsorships-sold-out-for-the-7th-annual-frac-sand-supply-logistics-conferenceTue, 15 May 2018 04:00:00 GMTClarification on Early Bird Registration at the 7th Annual Frac Sand Supply and Logistics Conference <p>We have received several inquiries recently regarding the details of “Early Bird Registration” for the<a href="http://www.petroleumconnection.com/conferences/sand2018">7<sup>th</sup>Annual Frac Sand Supply &amp; Logistics Conference</a>,
being held October 25-26, 2018 at the JW Marriott Hill Country Resort in San Antonio. Instead of having the early bird discount tied to a firm
date on the calendar, this year we are offering the discounted rate ($995 versus the standard registration rate of $1195) for the first 150 registrants
of the conference. Don’t wait too long to take advantage of this discount. For more information and to register – <a href="http://www.petroleumconnection.com/conferences/sand2018">CLICK HERE</a>.</p>
<p>We’d also like to point out we have reduced the standard registration fee this year to $1195 (down from the standard fee of $1395 last year).</p>
<p>The conference (and the preceding <a href="http://www.petroleumconnection.com/conferences/fracsandexpo2018">equipment expo</a>) is coming together nicely!
Sponsorships are selling out quickly and registrations are on pace to surpass last year’s record attendance. We look forward to seeing you there!</p>
http://www.petroleumconnection.com/RSSRetrieve.aspx?ID=20839&A=Link&ObjectID=1019514&ObjectType=56&O=http%253a%252f%252fwww.petroleumconnection.com%252fblog%252fclarification-on-early-bird-registration-at-the-7th-annual-frac-sand-supply-logistics-conferencehttp://www.petroleumconnection.com/blog/clarification-on-early-bird-registration-at-the-7th-annual-frac-sand-supply-logistics-conferenceTue, 01 May 2018 19:57:00 GMTTudor Pickering Holt Energy Notes Excerpt from March 23, 2018: U.S. Silica Announces $750mm Acquisition
<p>As SLCA looks to smooth out the volatility inherent in energy cycles, the company made it clear a large industrial acquisition was on the radar and
they've now put their money where their mouth is; this will make SLCA look more like the combined FMSA/Unimin, which we view as an overall positive
despite the lofty sticker price and valuation. US SLCA paying $750mm (financed with term loan debt) or ~12.5x TTM EBITDA to acquire EP Minerals
($200mm TTM revenue, ~$60mm EBITDA, ~25% EBITDA margins)...optically high valuation multiple but the stable nature of industrial miners' cash flows
keeps the multiple in-line with public industrial peers (SLCA ~4.9x 2018 EV/EBITDA, comps trade ~10-13x EV/EBITDA). We certainly won't be the experts
here but EP Minerals mines diatomaceous earth (DE), bentonite and perlite filter aids, absorbents and functional additives which flow into a variety
of industries (e.g. filtration -- 50% of revenue, absorbents, catalysts, additives). The company's revenues are 72% N. America, 28% international,
and its operations appear fairly (or very) similar to sand mining.</p>
<hr>
<p>Well telegraphed, SLCA doubles down on ISP for 12.5x EV/EBITDA</p>
<p>Sector: Oil Service | Ticker: SLCA | Recommendation: BUY | Target: NA | Close: $26.63</p>
http://www.petroleumconnection.com/RSSRetrieve.aspx?ID=20839&A=Link&ObjectID=1016220&ObjectType=56&O=http%253a%252f%252fwww.petroleumconnection.com%252fblog%252ftudor-pickering-holt-energy-notes-excerpt-from-march-23-2018-u-s-silica-announces-750mm-acquisitionhttp://www.petroleumconnection.com/blog/tudor-pickering-holt-energy-notes-excerpt-from-march-23-2018-u-s-silica-announces-750mm-acquisitionTue, 27 Mar 2018 17:07:00 GMTExcerpt from TPH Energy Morning Note on Friday February 16<h2>Q1'18 Sand Delivery Issues (Part I)</h2>
<h4>Sand rail constraint rumblings real but magnitude may be overblown</h4>
<p class="small">Sector:Oil Service | Ticker: OSX | Recommendation: NA | Target: NA | Close: $136.55</p>
<p>Yesterday HAL noted sand delivery constraints associated with the Canadian National Railway (“CN”) are impacting activity (i.e. cold weather impacting ability for unit trains to brake effectively). We reached out to a few industry participants and Q1 weather issues, and avalanche/derailment, strong grain demand (competition for rail access), and cold weather do seem to be having some effect on shipments. We also note the Canadian Pacific may have seen some intermittent issues.</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<h2>Q1'18 Sand Delivery Issues (Part II)</h2>
<h4>So who (of the sand producers) has exposure here?</h4>
<p class="small">Sector:Oil Service | Ticker: OSX | Recommendation: NA | Target: NA | Close: $136.55</p>
<p>The sand market appears tight Q1'18, but some (possibly much) of the constriction stems from supply/demand preference mismatch
(i.e. mesh-size). 100-mesh allegedly what's seeing particular tightness, ironic given that's primarily what in-basin,
Permian is primarily comprise of. A private sand producer we spoke to with an attractive logistics footprint noted
some recent shipment issues but the delays sounded manageable. FMSA and SLCA appear to be the sand producers with the
least potential exposure to these issues while SND, HCLP and EMES all have material CN and CP rail access. Sidebar
but also of note, we've now picked up multiple data-points indicating potential turbidity issues with local sand...stay
tuned for more on that front.</p>
http://www.petroleumconnection.com/RSSRetrieve.aspx?ID=20839&A=Link&ObjectID=1012405&ObjectType=56&O=http%253a%252f%252fwww.petroleumconnection.com%252fblog%252fexcerpt-from-tph-energy-morning-note-02-16-2018http://www.petroleumconnection.com/blog/excerpt-from-tph-energy-morning-note-02-16-2018Tue, 20 Feb 2018 17:30:00 GMTFrac Sand Industry Leaders Gathering in Houston on Friday, February 2.<p>Industry leaders are gathering at the <a href="http://www.petroleumconnection.com/conferences/sandupdate3">3rd Annual Frac Sand Industry Update</a> on
Friday, February at The Petroleum Club of Houston. While the event is sold out, those interested in getting on the waiting list should contact Pete
Cook at <a href="mailto:pcook@petroleumconnection.com">pcook@petroleumconnection.com</a> </p>http://www.petroleumconnection.com/RSSRetrieve.aspx?ID=20839&A=Link&ObjectID=1010501&ObjectType=56&O=http%253a%252f%252fwww.petroleumconnection.com%252fblog%252ffrac-sand-industry-leaders-gathering-in-houston-on-friday-february-2http://www.petroleumconnection.com/blog/frac-sand-industry-leaders-gathering-in-houston-on-friday-february-2Tue, 30 Jan 2018 19:59:00 GMTLocation And Hours Announced For The 2nd Annual Frac Sand Equipment Expo!
<p>The Petroleum Connection is pleased to announce the location for the 2nd Annual Frac Sand Equipment Expo! Responding to feedback and suggestions from
attendees and exhibitors from the 2017 event, the 2018 event will be held at the same location as the 7th Annual Frac Sand Supply &amp; Logistics
Conference. We will be utilizing a large gravel parking lot less than a mile from the resort entrance (it is formally known as the “Valero Texas
Open Operations Compound”), making it very convenient for conference attendees to check out the Expo as well. We will have shuttles running continuously
from the resort to the Expo. The Expo hours will be from 12pm-5pm on Tuesday, October 23rd and from 9am to 12pm on Wednesday, October 24th. The
Expo is free to attend. For more information about exhibiting, please visit <a href="http://www.petroleumconnection.com/CampaignProcess.aspx?A=Link&amp;VID=0&amp;KID=139696&amp;LID=436674"><span>petroleumconnection.com/fracsandexpo</span></a>.
Those interested in exhibiting should contact Pete Cook at <a href="mailto:pcook@petroleumconnection.com">pcook@petroleumconnection.com</a>to discuss
their needs.</p>
http://www.petroleumconnection.com/RSSRetrieve.aspx?ID=20839&A=Link&ObjectID=1007917&ObjectType=56&O=http%253a%252f%252fwww.petroleumconnection.com%252fblog%252flocation-and-hours-announced-for-the-2nd-annual-frac-sand-equipment-expohttp://www.petroleumconnection.com/blog/location-and-hours-announced-for-the-2nd-annual-frac-sand-equipment-expoWed, 17 Jan 2018 23:16:00 GMTRegister Before It Is Too Late! The 3rd Annual Frac Sand Industry Update
<p>The Petroleum Connection’s <a href="http://www.petroleumconnection.com/CampaignProcess.aspx?A=Link&amp;VID=0&amp;KID=139696&amp;LID=436655">3rd Annual Frac Sand Industry Update</a>is
fast approaching and seats are almost sold out. With only about 30 spots remaining, the event will almost certainly sell-out and there will not
be enough room to allow for additional registrations, so do not wait until it is too late. With a great lineup of speakers and sponsors, this promises
to be a <a href="http://www.petroleumconnection.com/CampaignProcess.aspx?A=Link&amp;VID=0&amp;KID=139696&amp;LID=436655">great event</a>.</p>
http://www.petroleumconnection.com/RSSRetrieve.aspx?ID=20839&A=Link&ObjectID=1007916&ObjectType=56&O=http%253a%252f%252fwww.petroleumconnection.com%252fblog%252fregister-before-it-is-too-late-the-3rd-annual-frac-sand-industry-updatehttp://www.petroleumconnection.com/blog/register-before-it-is-too-late-the-3rd-annual-frac-sand-industry-updateWed, 17 Jan 2018 23:15:00 GMTRystad Energy Recruits Proppant Experts<p>Those who have attended The Petroleum Connection’s frac sand focused events over the past few years know that we like to start off our events with a general
overview of North American onshore, followed by a more in depth look at the proppant industry itself. IHS Markit (and PacWest before IHS acquired them)
have been our go-to solution for those opening presentations. Their understanding and analysis of North American onshore and the proppant industry
have contributed greatly to the quality of our agendas. We hope and plan that the relationship continues. That said, we are always looking for other
potential speakers who do high quality work, research, and reporting (like Infill Thinking, who has been a great addition to the industry and to our
events since their founding in 2016).</p>
<p>I wanted to mention that you may start to see another company contributing: Rystad Energy. Rystad has recently expanded their research and analysis team,
recruiting four people with significant experience in analyzing North American onshore and the proppant market (and regular attendees of our events).
We’re pleased to have confirmed that Ryan Carbrey (formerly of IHS Markit and now with Senior Vice President at Rystad Energy) will be speaking at
the 3<sup>rd</sup>Annual Frac Sand Industry Update in Houston on February 2 (<a href="http://www.petroleumconnection.com/conferences/sandupdate3">http://www.petroleumconnection.com/conferences/sandupdate3</a>).
Ryan’s topic will be “Frac Sand Supply &amp; Demand Forecasts”.</p>
<p>As quick background, Rystad not only produces newsletters, reports, and other analysis on North American onshore and the proppant industry, but they also
do other projects (market &amp; commercial due diligence for lenders, investors, frac sand companies, etc.). Keep an eye out for them at future events,
adding to the insights and contributions of our regular speakers as well.</p>http://www.petroleumconnection.com/RSSRetrieve.aspx?ID=20839&A=Link&ObjectID=1004369&ObjectType=56&O=http%253a%252f%252fwww.petroleumconnection.com%252fblog%252frystad-energy-recruits-proppant-expertshttp://www.petroleumconnection.com/blog/rystad-energy-recruits-proppant-expertsWed, 20 Dec 2017 21:04:00 GMTComments from Tudor Pickering Holt's Energy Thoughts newsletter of December 13, 2018<p><strong>Fairmount Santrol / Unimin merger yields beefy FMSA upside (part 1) – transaction creates at least ~30-50% upside to FMSA stock (sans $170mm cash payment consideration) in our view&hellip;70%+ upside when viewed through a more bullish lens (FMSA - $5.11 – B, Unimin – Private – NR)</strong>–
We won’t rehash the merger presentation here, as we endeavor to provide incremental insights in this write-up. We believe the Unimin / FMSA
combo could generate ~$700-900mm in 2019 EBITDA (assumes ~$75-100mm in synergies, below $150mm targeted). Using a blended Industrial / Proppant
EV/EBITDA multiple (based on public comps) of ~7.4-7.7x yields material upside for FMSA stock, excluding $170mm in cash paid to FMSA shareholders
(which would add another +15% vs. current market cap). <em>For more valuation color here, please reach out to your TPH Salesperson for our analysis and conference call notes we initially distributed yesterday.</em></p>
<p> <strong>Fairmount Santrol / Unimin merger thoughts (part 2) – We like industrial logic behind this deal. Asset geography = similar (and high-quality), cost synergies = material, and increased industrial exposure is a plus for FMSA (FMSA - $5.11 – B, Unimin – Private – NR)</strong> – To better frame Unimin vs. peers, the company generated $142mm in 2016 EBITDA, more than FMSA, SLCA, and SND combined over the same period.
Note, HCLP and EMES printed negative EBITDA, so we excluded them. We firmly believe this transaction weds the lowest cost, impressively-logistically-capitalized
N. White mine (Wedron) to the Industrial Sand King, Unimin, which also owns a top-notch frac sand business. The go-forward company will be
the 800lbs gorilla in the overall sand mining industry and we expect further sand consolidation will occur. Potential public acquisition targets
in our view: HCLP, SND, EMES...SLCA will likely be a consolidator.
</p>
<p>
<strong>Fairmount Santrol / Unimin merger</strong><strong>strategic implications (part 3) – Unimin could have bought more Permian sand or another sand producer&hellip;but they went after FMSA (FMSA - $5.11 – B, Unimin – Private – NR)</strong> – This deal improves the combined company’s (“New-Co”) logistics reach across the US and substantially lowers delivered costs via increasingly
efficient origin-destination pairings. It also shows that Unimin saw more value here vs. that which is potentially offered by buying multipleincremental
Permian mines or a more regionally levered producer. It’s interesting to us that New-Co appears to be decelerating on Permian sand expansions
(6mmtpa capacity online 2018 vs. 8mmtpa expected prior). We believe this speaks to our belief that Permian sand demand will not be fully (nor
even mostly) satiated by in-basin sand. We also understand that New-Co appreciatessand demand potential outside of the Permian.
</p>
<p>
<strong>Re-hitting our sand supply-demand thoughts - plenty of demand for N. White sand will persist although Permian in-basin sand will, invariably, take share (OIH - $25) - </strong> Simply put, we don't believe we’ll see &gt;50-60% of Permian sand being self-supplied. Frankly, we think some customers don’t want any/much
of it. Even if 60% of Permian demand were self-sourced, we believe Brady/Voca sands will experience demand cannibalization first. Grade mix,
completion designs, and quality will lead N. White mines / other regional mines to plug that Permian demand gap. We ballpark that gap at ~65-85mmtpa
in 2018 (vs. peak annual sand demand of 54mmtpa in 2014). We'd argue this a much less disastrous scenario than the sand stocks currently reflect.
That said, we do believe 2019+ sand pricing migrates lower given emerging supply-demand fundamentals&hellip;just not to as low-a-level as many
foresee.
</p>http://www.petroleumconnection.com/RSSRetrieve.aspx?ID=20839&A=Link&ObjectID=1002157&ObjectType=56&O=http%253a%252f%252fwww.petroleumconnection.com%252fblog%252fcomments-from-tudor-pickering-holts-energy-thoughts-newsletter-of-december-13-2018http://www.petroleumconnection.com/blog/comments-from-tudor-pickering-holts-energy-thoughts-newsletter-of-december-13-2018Wed, 13 Dec 2017 14:02:00 GMTNISA Features The Petroleum Connection's Frac Sand Weekly News Digest on their “News” page of the new website<p>The National Industrial Sand Association recently launched a<a href="http://www.sand.org/">new and improved website</a>. On the “<a href="http://www.sand.org/page/Industry_News">News</a>”
page of the site, they recommend their readers to go to the Frac Sand Weekly Digest. The Petroleum Connection appreciates the recognition by NISA of
the quality of our newsletter and is honored to be associated with the leading association for the industry.</p>http://www.petroleumconnection.com/RSSRetrieve.aspx?ID=20839&A=Link&ObjectID=995066&ObjectType=56&O=http%253a%252f%252fwww.petroleumconnection.com%252fblog%252fnisa-features-the-petroleum-connection-s-frac-sand-weekly-news-digest-on-their-news-page-of-the-new-http://www.petroleumconnection.com/blog/nisa-features-the-petroleum-connection-s-frac-sand-weekly-news-digest-on-their-news-page-of-the-new-Tue, 17 Oct 2017 04:00:00 GMTTudor Pickering Holt's Energy Thoughts on October 17 related to U.S. Silica
<p><strong>SLCA update part 1 – we recently caught up with the company to discuss evolving market dynamics and continue to believe this geographically diversified sand producer sits well undervalued ($27.81 – B)</strong>–
As completions cadence continues to ramp in the US and proppant/horizontal well sits &gt;12mmlbs (vs. ~5-6mm lbs/well in 2014 or ~8-10mm lbs
in 2017), we continue to believe Permian sand fears are overblown. We realize our belief likely falls on deaf ears until meaningful quantities
of Permian sand begin to push into the market (Q1 or Q2 2018) and sand gross margins don't end up smoked down to &lt;$15/ton, but here are
some sign posts that bolster our confidence: (1) folks continue to contract for new N. White frac sand (e.g. SLCA's Pacific Missouri Plant
5-year contract) including material multi-$mm pre-payments; (2) multiple sources indicate design / complexity is coming back into the equation
(i.e. coarser grades of sand, chemicals/gels, etc.); (3) Permian sand is largely a 100-mesh product (much of the 40/70 is toward the finer
end of the spectrum); and (4) less Permian sand will be built than headline figures imply. SLCA is also pushed to join the TCP (dunes dagebrush
lizard protection) and while we're far from environmental experts, they're not joining the organization for fun...there is some legit concern
out there.</p>
<p><strong>SLCA update part 2 – SLCA remains focused on enhancing its asset footprint, growing the highly profitable SandBox business, and acquiring strategically attractive businesses...both Industrial and in Oil &amp; Gas ($27.81 – B)</strong>–
SLCA continues to expand both organically and inorganically and we believe the company could achieve more than $100mm in pre-payments for its
ongoing mine expansions (both regional and N. White). Demand continues to ramp for the SandBox system with SLCA now at &gt;50 systems out in
the market (TPHe) and growing as customers replace incumbent last-mile solutions. We also expect SLCA to remain active on the M&amp;A front
with both oil &amp; gas, industrial sand, and other industrial opportunities on the table. The industrial business provided stable/growing
cash flow to the company during the painful oil &amp; gas downturn and we get the sense the company wants more of this stead-eddy cash flow
that they (and we) believe is under-appreciated in their stock. We continue to see upside for the name to $45/sh+.
</p>http://www.petroleumconnection.com/RSSRetrieve.aspx?ID=20839&A=Link&ObjectID=995068&ObjectType=56&O=http%253a%252f%252fwww.petroleumconnection.com%252fblog%252ftudor-pickering-holt-s-energy-thoughts-on-october-17-related-to-u-s-silicahttp://www.petroleumconnection.com/blog/tudor-pickering-holt-s-energy-thoughts-on-october-17-related-to-u-s-silicaTue, 17 Oct 2017 04:00:00 GMTThe Petroleum Connection Sponsoring the America First Energy Conference<p>The Petroleum Connection is pleased to announce we are sponsors at the America First Energy Conference, being held on November 11, 2017 at the JW Marriott
Galleria in Houston, Texas. The event, hosted by The Heartland Institute, aims to bring together energy policy experts and industry leaders to discuss
the impact of Trump administration policy changes. Panels and experts will touch on shale development, coal, renewables, national security, the cost
of regulation and many other issues. Those interested in attending can learn more and register here: <a href="http://americafirstenergy.org/">http://americafirstenergy.org/</a> </p>http://www.petroleumconnection.com/RSSRetrieve.aspx?ID=20839&A=Link&ObjectID=994678&ObjectType=56&O=http%253a%252f%252fwww.petroleumconnection.com%252fblog%252fthe-petroleum-connection-sponsoring-the-america-first-energy-conferencehttp://www.petroleumconnection.com/blog/the-petroleum-connection-sponsoring-the-america-first-energy-conferenceSat, 14 Oct 2017 18:24:00 GMTNotes from Tudor Pickering Holts’ “Energy Thoughts” from Monday, September 18, 2017 <p>Fracsand volumes still on the rise – in the world of proppants, logistics matter a great deal&hellip;an (updated) view from the rails (OIH $25) – We
highlighted last quarter Class I rail data showing frac sand volumes moving higher at a rapid pace. Q2 data shows more of the same as frac sand
volumes rose +19% q/q and have now surpassed peak 2014 levels (Q2’17 volumes ~7% higher than Q4’14). Despite the rapid increase in volumes, proppant
suppliers have (so far) been able to keep rail pricing increases at bay as revenue per ton sits ~$6 (20%) lower than that of 2014. Rail cost (~$40-50/ton)
is likely ~40-60% of delivered frac sand costs today and will continue to be a crucial piece of the supply chain as rising completions intensity
keeps driving sand volumes higher.<br /><br /><em> Please contact your TPH representative for a copy of our sand by rail report, or hear from TPH’s George O’Leary on this topic at the 6<sup>th</sup>Annual Frac Sand Supply &amp; Logistics Conference.</em>
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http://www.petroleumconnection.com/RSSRetrieve.aspx?ID=20839&A=Link&ObjectID=991626&ObjectType=56&O=http%253a%252f%252fwww.petroleumconnection.com%252fblog%252fnotes-from-tudor-pickering-holts-energy-thoughts-from-monday-september-18-2017http://www.petroleumconnection.com/blog/notes-from-tudor-pickering-holts-energy-thoughts-from-monday-september-18-2017Tue, 19 Sep 2017 20:34:00 GMT